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Eisinger says the Volcker Rule is voluminous and complex with 530 pages, because banks and lobbyists with complicit regulators wanted it that way. This is also what Volcker told Charlie Rose in an interview, that banks can't complain that it is complex and at the same time work to add complex language to the rule.

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This editorial lists the essential points that the Volcker Rule- as it is written by U.S. regulators -must include to ensure the safety of the American financial system. These points cover limiting speculation, putting in place clearly defined and strong penalties, and addressing loopholes.

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Prices for WTI crude dropped below $50 in January 2015. Higher inventories weighed on oil prices and Saudi Arabia added to the pressure by cutting the price of crude sold in the U.S.

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Interview with Robert Shiller of Yale University, by Simon Constable of the Wall Street Journal. Shiller tells Constable that the second dip recession is imminent. Shiller senses that when the National Bureau of Economic Research looks at third quarter data for 2010, it will find that the second dip of the recession started here. In other comments Shiller said that the U.S. is standing at the edge of deflation. The view on housing markets of Shiller, who is one of the creators of the Case-Shiller Home Price Index, is that housing prices could decline for the next 5 years. Shiller sees the US's chief concern as unemployment. He suggests that local governments and the federal government create jobs. One idea is to have a teacher's aide in each classroom.

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Britain's Treasury chief Osborne faces a difficult period as the economy shows flat growth for 2012 and 2013. The targets he set for eliminating the structural deficit or budget gap by April 2017 may need to be shifted to 2018. The target for net debt to decline as a percentage of GDP by 2015 may also be unachievable if growth is flat in the coming year. An accounting change in how profit from the Bank of England's bond buying program are shown is designed to reduce Treasury's borrowing and bring Britain closer to this target. Osborne says Britain's actions for austerity measures, spending cuts and increasing taxes have helped keep interest rates low to pay off debt.

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This NYT editorial provides statistics for the problems of young people facing high student debt, high unemployment, and working in jobs that do not require their educational qualifications. Federal Reserve data show 44% of young college graduates in 2012 working at jobs that did not require a college degree. Underemployment stands at 16.8% in the U.S.- this includes young people too discouraged to look for work and those stuck in part time jobs. Put another way the hope that existed in the 1970's for a better future is simply lacking. The boom, bust, and corrective policy preceding and following the 2000 and 2008 crises have acted as a huge distraction for needed policy steps and imposed additional penalties on young people, just as other trends in the globalized manufacturing and IT industry were shifting jobs overseas.

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Investor Andreesen who grew up in Iowa and rural Wisconsin writes about native born kids cut out of the pipeline in education. When they are cut out of the pipeline over decades whats left he says but for universities to get PhD candidates from Asia and other foreign countries.

Andreesen writes about the injustice of decades of universities isolating their campuses from the mainstream of American life so that they live in a different world unable to relate to the way working class communities across America built around manufacturing have seen a complete collapse.

"They systematically cut most of the children of the working class voters out of any realistic prospect of access to higher education and corporate America."

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Argentina's economy minister, Axel Kicillof, and the nationalization of YPF, compensation to Repsol and international creditors. Kicillof lectured on Economics at the University of Buenos Aires. As deputy minister in 2012 he was responsible for the natonalization of oil company YPF, controlled by Repsol. Kicillof was critical of the sale of YPF to Repsol in 1999. In a recent interview he wa critical of "disinformation" campaigns in social media and the psychological effect of media information in creating economic situations such as a run on a national currency. The peso has declined sharply in January 2014. Critics say Kicilloff created some of the problems with international creditors that he is now working to correct and attract foreign investment.

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Sales of new vehicles are in even steeper decline in Japan than in Germany. Germany saw a boost with reunification with East Germany. Eastern Europe is next door for sales and manufacturing. Sales declined 7.6% in 2007 over 2006 to reach 3.406 million vehicles, the lowest level since 1972. With 9 new models Toyota's sales declined by 6% in 2007. Something is happening in the developed country markets that shows the markets there are declining relative to the new markets in Asia and other emerging markets. How automakers fare in the future and which survive and grow will depend on how they prepare and execute strategies for these markets focussing on new design, efficient manufacturing and new technologies These markets will bring a different set of customers looking for improvements.

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EU chief Von der Leyen says- "phasing out of nuclear energy was a strategic mistake,"  at Second Nuclear Energy Conference in Paris, March 10 2026. As the war with Iran rages over nuclear weapons and ballistic missiles development in the first week of March 2026, Macron opens the Second civilian Nuclear Energy Conference in Paris. France is the only nation that gets most of its energy from nuclear reactors- 70% from 58 nuclear reactors. And $9 billion in nuclear energy exports. With renewables and hydropower France as the lowest carbon grid in the world. Leyen of the EU says "This reduction ‌in the share of nuclear was a choice, I believe that it was a strategic mistake for Europe to turn its back on a reliable, affordable source of low-emissions power." "For fossil fuels, we are completely dependent on expensive and volatile imports. They are putting us at a structural disadvantage to other regions."  ...

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The Obama administration delays a decision on the Keystone pipeline till after the 2012 election. State Department officials say they will extend their review of the 1700 mile Keystone pipeline so that Nebraka's objections about the pipeline route affecting drinking water from the Ogallala Aquifier - which provides drinking water to Nebraskans- can be addressed. Kerri Ann Jones, of the Bureau of Oceans and International Environmental and Scientific Affairs, says choosing a new route inside Nebraska will mean a new environmental assessment is required, taking an additional 15 months. In addition to environmental concerns, the Obama administration is concerned about how approval would affect enthusiasm for Obama's re-election in 2012 among environmentally conscious voters. TransCanada officials point out that of the 14 routes considered in the review by the State Department, one route entirely bypasses the Sandhills region and the Ogallala Aquifier, and six routes reduce the pipeline mileage crossing Nebraska....

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ElBaradei's father was a president of the Egyptian Bar Association. ElBaradei studied for his law degree and doctorate at New York University and was an adjunct professor of law at NYU. He joined the UN and wasn not the choice of the Egyptian government for the position of head of the UN Atomic Energy Agency. He was a compromise candidate supported by the US. As a young diplomat in the Egyptian Foreign Ministry he was part of the team that negotiated the Camp David Peace Accords with Israel. Because of his background, a nuanced understanding of ElBaradei is necessary to understand his criticism of the Obama administration's hesitant support of the protests, and his statements saying Egypt's foreign policy was a failure. For his role in the future ElBaradei says, all I want to do is share and deliver this country to catch up with the rest of the world." To understand what this means for a backward country like Egypt with a growing population of 80 million of mostly young people, which has failed to keep pace with economic progress in other parts of the world, see the article by Henando de Soto. Soto describes his effort working on a project for reforms in Egypt from 1997-2004 with the support of members of the Egyptian cabinet and the US Agency of Intenational Development, which were blocked in a cabinet shakeup by interests wanting to preserve the status quo. Failure to grasp this central fact that alone among large developing countries Egypt has failed to deliver on the rising expectations in the developing world, makes it impossible to understand Egypt. This is why De Soto describes the situation in Egypt as Egypt's Econmic Apartheid. In New York City enjoyed his time in Greenwich village, going to the opera and Knicks basketball games....

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George Will describes the views of Richard Fisher, president of the Federal Reserve Bank of Dallas on "too-big-to-fail" risks in the U.S. banking system.

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The Indian pharmaceutical industry is expected to grow by 13% to $24 billion in 2010. R&D is a special focus, as new drugs can be developed at much lower cost in India. Mr. Piramal, for instance, kept the R&D operation of Piramal when he sold the rest of the company to Abbott Labs of the USA. The Piramal lab in Mumbai has 300 researchers and scientists, and Mr Piramal says he can develop new drugs at a tenth of the $1.5- $2 billon cost it takes for this in the USA and Europe.

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A study by the Pew Research center shows minorities are the ones hardest hit in the millions of foreclosures taking place in the US. Counties with black or Latino majorites and the New York region are hit severely. What appeared to be a boon five years ago as black home ownership rose sharply after decades of discriminatory lending and zoning practices, has now turned into a curse with families losing homes to foreclosure, neighborhoods seeing increasing crime and declining house values, and renters being evicted. Lenders like Mozilo's Countrywide and other similiar lenders simply used the idea of home ownership as a flag to get political support for a wild west in lending practices, which allowed predatory lending to take place in the deregulatory atmosphere of the time. See the link to the impact on minorities. Nowhere has it been shown more pointedly that prudence and character in leaders in all areas is the essential conditon for progress, making free enterprise a necessary condition but subject to this essential condition, than in the way the housing and foreclosure crisis is hitting the American and the world economy in so many ways. This is evident in neighborhoods like this one on 145th st. in Jamaica, Queens, whaere black households making more than $68,000 a year are five times as likely to hold high interest subprime mortgages as whites of similiar incomes. Defaults occur three times as often in minority census tracts as mostly white ones. And 85% of the worst hit neighborhoods have majority of black and Latino homeowners. Which may also explain why there is not agroundswell of support for serious government foreclosure prevention measures like bankruptcy legislation and other legislation such as that suggested by Martin Feldstein and others for homeowners nearly or already under water, when faced with fierce lobbying by the banks and financial institutions. Consumer advocates say years ago many banks drew red lines around black neighborhoods and refused to lend, then as deregulation became the rage five years ago, these banks under unscruplous leaders targeted these neighborhoods for subprime lending. A dozen banks and lending companioes that made big profits from subprime loans accounted for half the loans given to the New York region'sblack middle -income borrowers in 2005 and 2006, a case of reverse redlining that the N.A.A.C.P. says in its lawsuit against these lenders. Housing and Urban Development Sec. Shaun Donovan, in aspeech to New York University said that 33% of the subprime mortgages given out in New York City in 2007, went to borrowers with credit scoresthat should have qualitifed them for conventional prevailing-rate loans. For anyone taking out a $350,000 mortgage, says the NYT, a difference of three percentage points - a typical spread between conventional and subprime loans- tacks on $272,000 in additional interest over the life of a 30 year loan. ...

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Local elections for 181 local councils in Britain in April 2012 show the toll taken on the Conservative party led coalition government of David Cameron from austerity measures and general dissatisfaction with the government. The Conservative party Mayor of London won the election in London over Labor's Ken Livingstone, with a slim majority, largely determined on personality issues. Throughout Britain the Conservatives lost seats in local government. BBC projections with most of the votes counted show Conservative share of the vote dropping from 35% to 31%, Labor moving up from 35% to 38%, and the Liberals remaining at 16%. Labor gained 823 seats, Conservatives lost 405 seats, and Liberal Democrats lost 336 seats. Voter indifference was shown in the voter turnout at 32%, the lowest since 2000, according to the BBC. Cameron said he would continue with his austerity program and cuts in spending, saying "these are difficult times, and there aren't easy answers."

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Pearlstein quotes Dickens in "Oliver Twist," about the law being an ass, and the constitutional law exercize in the Supreme Court of the U.S. giving a sense of a failure of the so-called best and brightest in reasoning out the issues. He points out that a serious problem is that American business which is burdened with high health care costs for employees is seriously missing in this debate after years of complaining about high costs. The National Federation of Independent Businesses is actually one of the plaintiffs questioning the constitutionality of the Obama health care law. Pearlstein says business wanted an end to the fee-for-service medicine that increases consumption of medical services and pushes up cost relentlessly, and that Obama's health care law does this. This is not the case as both Democrats and Republican administrations have failed to resolve this side of the cost issue, and this is the hidden reason for the loss of credibility for both sides in this debate, leaving health care problems to be resolved in future administrations. ...